Home Insurance Glossary - Salvage

The Definition of "Salvage" is:

Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly-damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associated with recovering that property.



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Salvage Schedule Secondary Market Section 1035 Exchange Section 415 Securities And Exchange Commission (SEC) Securities Outstanding Securitization Of Insurance Risk Segregated Account Self-insurance Settlement Options Severity Sewer Back-up Coverage Shared Market Short-term Disability Income Insurance Single Premium Annuity Single Premium Policies Soft Market Solvency Specified Disease Coverage Spendthrift Trust Clause Split-dollar Life Insurance Plan Spread Of Risk Stacking Standard Risk Class Statutory Accounting Principles (SAP) Stock Insurance Company Straight Life Annuity Structured Settlement Subrogation Substandard Premium Rates Substandard Risk Class Suicide Exclusion Provision Superfund Supplemental Coverage Surety Bond Surplus Lines Surplus Surrender Charge Surrender Cost Comparison Index Swaps.
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